Network18 Media & Investments Limited (Network18) has announced that the Ministry of Information and Broadcasting, Government of India, has approved the transfer of licenses for News & Current Affairs TV channels from TV18 Broadcast Limited (TV18) to Network18. This approval is part of a Composite Scheme of Arrangement among Network18, TV18, and e-Eighteen.com Limited (E18), sanctioned by the National Company Law Tribunal (NCLT), Mumbai Bench.
The Scheme has become effective as of October 3, 2024, with the appointed date being April 1, 2023. According to the Scheme, Network18 will issue and allot 100 equity shares of Rs. 5 each to shareholders of TV18 for every 172 equity shares of Rs. 2 held. Similarly, 19 equity shares of Rs. 5 each will be allotted to E18 shareholders for every one equity share of Rs. 10 held.
The Board of Directors has set October 16, 2024, as the Record Date to determine the eligible shareholders of TV18 and E18 who will receive equity shares of Network18. Shareholders holding equity shares in physical form are required to provide their details to the Registrar and Transfer Agent, Kfin Technologies Limited, by October 8, 2024. If not provided by this date, the shares will be held by a trust until the required details are submitted.
Fractional entitlements, if any, will be consolidated and held by a trust, which will sell these shares in the market within 90 days and distribute the net sale proceeds to the respective shareholders.